Expenses pursuant to obtaining your higher education are not limited to the costs of tuition alone. School supplies including books cost significant money each year. Online learning programs might require students to purchase specific software or gear to participate in the curriculum. 

Even if your online program does not require you to make specified device-related purchases, your computer and applicable software must still meet minimum program specifications. This might result in the need to purchase a new laptop or desktop computer. If you are commuting to school you will have transportation costs. If you live on-campus, room and board will be billed.

Without student loans and grants, many prospective students would be unable to enroll in college. Fortunately, both federal and private EDU grants are made available. EDU grant programs are designed to help specific demographics of students and/or students who meet academic merit criteria. This is true for both federal programs and grants funded through private organizations.

Because grant money is essentially “free money,” very few cons exist pursuant to receiving this type of funding. For example, student loans require repayment with interest. Conversely, provided you use grant money for its intended purpose you will never have to pay back even one single dollar. What are the benefits and challenges of federal and private EDU grant programs?

Obtaining EDU grant funding is a highly competitive process. Most federal student aid grant programs award applicants who exhibit substantial financial need. You might be experiencing legitimate financial hardship. If competing applicants in your region or school are experiencing greater hardships than you, however, you might not qualify for the program. Qualifying for grants from private organizations is also highly competitive. 

Applying for private grant programs is sometimes similar to applying for a scholarship. Funds are often significantly limited. More students pursue the grants than the programs are capable of funding. Many private grants are designed only for specific demographics of students as well.

One important potential con to obtaining grant money regardless of its source is the possibility of repayment. Your grant funds are likely awarded based on you agreeing to and following through with certain stipulations. Misuse or abuse of funds leads to mandated repayment of your grant money. If you drop out of school for reasons you can or cannot control you might also be required to repay your grant money.

The ability to apply for financial aid through multiple grant programs simultaneously is a significant benefit. No restrictions are placed on the number of grant programs from which you are permitted to receive awards.

This means you might qualify for five EDU grants at once and receive money from all five. Applying for grant programs has no adverse impact on your credit (FICO) score either. EDU grants might be available from churches, retail stores, automakers, schools, charities and more. This means your options are potentially vast.